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OW Bunker reeling from massive fraud case
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November 6th, 2014
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An estimated 730 million kroner lost
Senior employees at Dynamic Oil Trading (DOT), a Singapore-based subsidiary of Denmark's second-biggest company OW Bunker, have committed fraud leading to losses of an estimated 730 million kroner.
The marine fuel distribution giant revealed in a press release that the extent of the fraud is not yet clear and that the case is being investigated.
”The head of Risk Management, Jane Dahl Christensen, has as a consequence of the risk management loss been dismissed with immediate effect,” OW Bunker wrote in its press release.
READ MORE: OW Bunker storms out of the stock market gate
From bad to worse
OW Bunker announced that it had been unable to come to a solution with the syndicate banks, and as a result the company has decided to “file for commencement of in-court restructuring procedure in the subsidiaries OW Bunker & Trading A/S and OW Supply & Trading A/S at the probate court in Aalborg”.
After being listed with great success earlier this year, OW Bunker's good start to the year has run aground with problems in recent weeks.
The company was forced to downgrade its financial results twice in just two weeks, and its equity was sliced by almost 1.5 billion kroner at the end of September.
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